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Both international trade and investment by East Asian countries have become significantly regionalized. To support this development further, efforts for regional integration have flourished in the forms of bilateral and regional free trade agreements and the ASEAN+3 and East Asia Summit processes, among many others. This book is a compilation of papers and discussions originally presented at the international symposium held during the recent global financial crisis. The symposium aimed to shed light not only on the usual economic aspect but also on other aspects of the multidimensional phenomenon called "regional integration." Thus, in this volume the authors explore the relationship between the U.S. influence and East Asian regionalism, the characteristics of East Asian integration, and the politics of inclusion/exclusion in the integration process. In addition, they point out some "missing links" in integration efforts such as cooperation in the areas of logistics, finance, trade in services, infrastructure and human resource movement. Since the global financial crisis did not deter integration efforts (rather, it has encouraged them), this book serves as a guide for future East Asian integration in terms of what to expect and what is to be done.
This comprehensive Handbook provides an in-depth analysis of the nature of East Asian economic integration alongside thoughtful insights into contemporary issues, such as agricultural development, structural transformation and East Asian trade, alongside skills and human capital development policies of ASEAN. Contributors also provide detailed explanations on trade, poverty and Aid for Trade, institutional reforms, regulatory reform and measuring integration.
East Asian economic integration is on the rise. In the past decade, all of the region's powers have begun negotiating free trade agreements with their neighbors. They are also exploring broader regional options, such as the creation of an East Asian summit or free trade area. These developments have not always been welcomed by observers in other parts of the world. Some fear that they mark a turn away from integration into the global economy and herald the emergence of a closed, inward-looking bloc. In this timely and important book, Naoko Munakata offers an alternative perspective, based on her experience as an economic official and trade negotiator over the past 20 years. East Asian integration, she argues, is not driven by defensiveness or anti-Western sentiment. Instead, it reflects pragmatic calculations of economic interest, as well as a desire for mutual trust and a sense of community. Munakata makes her case by analyzing developments in the region since the mid-1980s, highlighting such important factors as the evolution of Asia-Pacific Economic Cooperation (APEC), the impact of the 1997-98 Asian financial crisis, and the rise of China. She also outlines possible future scenarios for the region and offers policy prescriptions for building on regionalism's achievements to date. Over the coming decades, the rise of China, its relationship with Japan, and the institutional arrangements that bind those countries to the United States and the countries of East and Southeast Asia will become critical factors in the global balance of power. Transforming East Asia is essential reading for anyone seeking to understand the roots of this transformation.
Introduction -- ch. 1. China and East Asia production network -- ch. 2. The internationalisation of China's Renminbi -- ch. 3. The internationalisation of Chinese enterprises -- ch. 4. Cross-strait economic relations: Taiwan's perspective -- ch. 5. CEPA and Mainland-Hong Kong's economic relations --ch. 6. China-Asean economic relations remain resilient despite rising challenges -- ch. 7. Ever-bonding Sino-Korean economic relationship but questionable contribution to regional integration -- ch. 8. China and Japan: great economic integration without a bilateral free trade agreement -- ch. 9. The political economy of East Asia economic integration.
Multinationals and East Asian Integration
An exploration of the evolution of regionalism and regional economic relations in East Asia since the late 1990s. The book analyzes moves towards free trade agreements, cooperation in information technology, energy and environment, and agriculture, by highlighting preferences and actions of governmental and business actors.
"Connecting" and "distancing" have been two prominent themes permeating the writings on the historical and contemporary developments of the relationship between Southeast Asia and China. As neighbours, the nation-states in Southeast Asia and the giant political entity in the north communicated with each other through a variety of diplomatic overtures, political agitations, and cultural nuances. In the last two decades with the rise of China as an economic powerhouse in the region, Southeast Asia's need to connect with China has become more urgent and necessary as it attempts to reap the benefit from the successful economic modernization in China. At the same time, however, there were feelings of ambivalence, hesitation and even suspicions on the part of the Southeast Asian states vis-a-vis the rise of a political power which is so less understood or misunderstood. The contributors of this volume are authors of various disciplinary backgrounds: history, political science, economics and sociology. They provide a spectrum of perspectives by which the readers can view Sino-Southeast Asia relations.
Costs and Benefits of Economic Integration in Asia brings together authoritative essays that identify and examine various initiatives to promote economic integration in Asia.
The Pacific Trade and Development (PAFTAD) conference series has been at the forefront of analysing challenges facing the economies of East Asia and the Pacific since its first meeting in Tokyo in January 1968. The 38th PAFTAD conference met at a key time to consider international economic integration. Earlier in the year, the people of the United Kingdom voted to leave the European Union and the United States elected Donald Trump as their next president on the back of an inward-looking ‘America First’ promise. Brexit and President Trump represent a growing, and worrying, trend towards protectionism in the North Atlantic countries that have led the process of globalisation since the end of the Second World War. The chapters in the volume describe the state of play in Asian economic integration but, more importantly, look forward to the region’s future, and the role it might play in defending the global system that has underwritten its historic rise. Asia has the potential to stand as a bulwark against the dual threats of North Atlantic protectionism and slowing trade growth, but collective leadership will be needed regionally and difficult domestic reforms will be required in each country.
The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.